Data from Google Trends has shown that the meme-inspired cryptocurrency Shiba Inu ($SHIB) is more popular than its rival memecoin Dogecoin ($DOGE), which is supported by Tesla’s CEO Elon Musk, throughout Europe.
A study conducted by askgamblers.com, using data from the world’s leading search engine, found that while Bitcoin (BTC) is the most popular cryptocurrency in Europe, Shiba Inu came in second place, beating Ethereum’s popularity.
The study found that in 21 countries throughout Europe Bitcoin was the most-searched-for cryptocurrency. It was followed by Shiba Inu, which was the most popular cryptocurrency in seven countries including the UK, France, Italy, Spain, Portugal, Ukraine, and Russia.
Next came Ethereum, in four countries, including Sweden, Slovakia, and Latvia. Cardano came next, leading searches for three countries, and it was followed by Dogecoin, which was the most-searched-for crypto in Greece and Albania.
Google Trends uses an index-like approach to represent search interest, but doesn’t show exact figures. Nevertheless, it shows interest in the cryptocurrency went from 12 to 20 over the last two weeks, out of a total of 100.
SHIB’s result has likely recently been bolstered by developments in the cryptocurrency’s ecosystem, which include the launch of a burn portal that distributes rewards to those who burn their tokens, and growing merchant adoption.
As CryptoGlobe recently reported, users on Coinbase have a median holding time for Cardano and Shiba Inu of over 120 days, superior to most other cryptoassets on the platcorm. According to data shown on Coinbase’s price pages, Cardano’s ADA has a typical hold time of 121 days, meaning that ADA users on the platform hold onto their assets for over four months before “selling it or sending it to another account or address.”
Similarly, the meme-inspired cryptocurrency Shiba Inu has a typical hold time of 120 days. According to the cryptocurrency exchange, a long hold time “signals an accumulation trend,” while a short hold time “indicates increased movement of tokens.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Pixabay